LIC Jeevan Tarun plan: The Life Insurance Corporation of India offers the LIC Jeevan Tarun child insurance plan (LIC). It is intended to provide financial security to children in the event of their parents’ untimely death.
Advantages of the LIC Jeevan Tarun Policy:
- Death benefit: In the event of the policyholder’s untimely death, the child will receive the sum assured as a death benefit.
- Maturity benefit: If both the policyholder and the child survive until the policy matures, the child will receive the sum assured as well as any simple reversionary bonuses and terminal bonus.
- Tax advantages: Premiums paid for the policy are deductible under Section 80C of the Income Tax Act of 1961. The death and maturity benefits are also tax-free under Income Tax Act Section 10(10D).
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How to Apply for the LIC Jeevan Tarun Insurance Policy:
- Go to the nearest LIC branch and pick up a proposal form.
- Fill out the form with all of the necessary information, such as the child’s name, date of birth, and policy term.
- Return the completed form to the branch along with the required documents and premium payment.
- Once approved, the branch will process the application and issue the policy document.
Who is eligible to apply for the LIC Jeevan Tarun Policy:
- The policy is available to parents or legal guardians of children aged 0 to 12 years.
- The child must be the policyholder’s natural or legally adopted child.
- The policy term should not exceed the child’s 25th birthday.
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The Life Insurance Corporation’s (LIC) Jeevan Tarun policy is a great option to secure your child’s future in these uncertain time. The plan provides life insurance savings and aids in the future security of both children and parents. The plan has a maturity period of 25 years, but you only have to pay the policy premium for 20 of them. This scheme is available for purchase for a minimum of Rs. 75,000. There is no upper limit on how much you can invest. By investing in this scheme, you can create a substantial fund for goals such as your children’s education and marriage.
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